PNM Resources (NYSE:PNM) Coverage Initiated at StockNews.com

Stock analysts at StockNews.com started coverage on shares of PNM Resources (NYSE:PNM) in a note issued to investors on Tuesday. The firm set a “sell” rating on the utilities provider’s stock.

Several other research analysts also recently commented on the company. Barclays lifted their target price on PNM Resources from $43.00 to $45.00 and gave the stock an “overweight” rating in a report on Monday, July 22nd. Evercore ISI assumed coverage on PNM Resources in a research note on Thursday, May 30th. They issued an “in-line” rating and a $38.00 price objective on the stock. Finally, Wells Fargo & Company upped their target price on PNM Resources from $41.00 to $46.00 and gave the company an “overweight” rating in a report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, PNM Resources has an average rating of “Hold” and an average price target of $44.20.

PNM Resources Price Performance

The firm has a 50-day simple moving average of $38.73 and a 200 day simple moving average of $37.74. The company has a current ratio of 0.37, a quick ratio of 0.27 and a debt-to-equity ratio of 1.81. PNM Resources has a fifty-two week low of $34.63 and a fifty-two week high of $45.10. The company has a market cap of $3.77 billion, a price-to-earnings ratio of 45.90 and a beta of 0.35.

PNM Resources (NYSE:PNM) last announced its quarterly earnings results on Wednesday, July 31st. The utilities provider reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.55 by $0.05. The firm had revenue of $488.10 million during the quarter, compared to analysts’ expectations of $481.02 million. PNM Resources had a net margin of 4.50% and a return on equity of 10.15%. The company’s revenue was up 2.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.55 EPS. As a group, research analysts anticipate that PNM Resources will post 2.72 earnings per share for the current fiscal year.

Hedge Funds Weigh In On PNM Resources

Several institutional investors have recently added to or reduced their stakes in the business. Sagefield Capital LP increased its stake in shares of PNM Resources by 55.0% in the 2nd quarter. Sagefield Capital LP now owns 115,671 shares of the utilities provider’s stock valued at $4,275,000 after acquiring an additional 41,021 shares in the last quarter. Bank of Montreal Can increased its stake in PNM Resources by 957.3% in the second quarter. Bank of Montreal Can now owns 213,331 shares of the utilities provider’s stock valued at $7,930,000 after purchasing an additional 193,154 shares in the last quarter. Thrivent Financial for Lutherans increased its stake in PNM Resources by 127.9% in the second quarter. Thrivent Financial for Lutherans now owns 238,735 shares of the utilities provider’s stock valued at $8,823,000 after purchasing an additional 133,966 shares in the last quarter. Sei Investments Co. raised its holdings in shares of PNM Resources by 15.0% during the second quarter. Sei Investments Co. now owns 100,494 shares of the utilities provider’s stock valued at $3,714,000 after purchasing an additional 13,081 shares during the period. Finally, Intech Investment Management LLC bought a new position in shares of PNM Resources during the 2nd quarter worth about $769,000. 91.68% of the stock is owned by institutional investors and hedge funds.

PNM Resources Company Profile

PNM Resources, Inc, through its subsidiaries, provides electricity and electric services in the United States. It operates through Public Service Company of New Mexico (PNM) and Texas-New Mexico Power Company (TNMP) segments. The PNM segment engages in the generation, transmission, and distribution of electricity.